Investors’ PresentationSPRING EUROPEAN MIDCAP EVENT 2021

Moises IsraelChairman

JUNE 2021

gigas.com

Disclaimer

This document and the conference-call webcast (including the Q&A session) may contain forward-looking statements and information (hereinafter, the “Information”)relating to GIGAS HOSTING S.A. or GIGAS GROUP (hereinafter “Gigas”, the “Company“ or the “Gigas Group"). This Information may include financial forecasts andestimates based on assumptions or statements regarding plans, objectives and expectations that make reference to different matters, such as the customer base andits evolution, organic growth, potential acquisitions, Company’s results and other aspects related to the activity and financial situation of the Company. The Informationcan be identified, in some cases, through the use of words such as “forecast”, "expectation", "anticipation", “projection”, “estimates“, “plan” or similar expressions orvariations of such expressions.

The Information reflects the current view of Gigas with respect to future events, and as such, do not represent any guarantee of future certain fulfilment, and aresubject to risks and uncertainties that could cause the final developments and results to materially differ from those expressed or implied by such Information. Theserisks and uncertainties include those identified in the documents containing more comprehensive information filed by Gigas, such as Annual Accounts or theIncorporation Memorandum (Sept. 2015).

Except as required by applicable law, Gigas does not assume any obligation to publicly update the Information to adapt it to events or circumstances taking place afterthe date of this presentation, including changes in the Company's strategy or any other circumstance.

This presentation and the conference-call webcast (including the Q&A session) contains or might contain non-audited financial information as prepared byManagement. The information contained herein should therefore be considered as a whole and in conjunction with all the public information regarding the Companyavailable, including any other documents released by the Company that may contain more detailed information. Neither this document nor the conference-call webcast(including the Q&A session) constitute an offer to purchase, sale or exchange any shares, a solicitation of any offer to purchase, sale or exchange of any shares, or arecommendation or advice regarding any shares.

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Gigas’ Timeline

Leading provider of cloud computing services in Spain, Portugal and Latam

First Converged Telco&CloudOperator in the Iberian Peninsula

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The new B2B convergent paradigm

Digital transformation of all businesses

Cloud continues to grow, extending beyond storage and computing

Convergence of cloud/IT, security and communications

• Increasing volume, quality and reliability demands as well as security

• Growing decentralization (working from home, internationalization, remote teams, etc.)

• Need for wider services portfolio, covering cloud services as well enterprise comms.

• Cloud becoming the best performing and most efficient solution for IT infrastructure

• Rising cloud platforms’ consumption• Increasing need for cloud

interconnection (Hybrid Cloud and multi cloud environments)

• Network functions becoming virtualized • Possibility to deliver VPN, firewall and other network services with an

IT approach, better competing with traditional telco services• Traditional Telcos not providing convergent offering (cloud/IT, security

and communications)

1 2

3

B2B market opportunity• Mid market underserved,

with a lack of comprehensive offer

4

The addressable opportunity

B2B size in Gigas’ footprint(companies with > 10 employees)

1.3

0.5

0.23.31.6

3.7

B2B cloud market(size and growth(1))

B2B IT & Telco markets(size (1)(2))

Cloud/IaaS DC & hosting

17.8%

2.9%

20.4%

0.7%

3.77.6 11.3

9.4

Digital transformation

of all businesses

Cloud extends beyond storage and computing

Convergence of cloud/IT,

security and communications

NOTES: (1): Considering only companies with more than 10 employees in each market (Gigas target segment)(2): estimations of Gigas IT’s addressable market based on Gartner (excluding consulting and implementation and end user device services markets)

Cloud marketrevenues

(2019, €bn)

Growth(CAGR 19-24,%)

Telco market revenues (2019, €Bn)

IT/Cloud market revenues (2019, €Bn)

# of companies

# of branches/locations

221k 419k

592k 1.286k

Europe LatAm

1.65.8 7.4

10.3

“+640 k target clients in Gigas’

geographies”

“A double digit growth opportunity

in key segments”

“A 38 Bn€addressable

market”

1

2

3 Telecom IT Cloud

The GIGAS opportunity

SO

UR

CE:

Art

hur D

. Litt

le, G

artn

er, G

igas

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Convergence through best-in-class acquisitions

2011 … 2018 2019 2020 2021

Cloud

Unified comms.

Connectivity

Cybersecurity

Seven major deals in the last 4 years towards building a compelling convergent proposition

B2B PORTFOLIO

B2B PORTFOLIO

BUSINESS UNIT

Approx. €60M revenues and €12M EBITDA PROFORMA 6

Cloud

SIP Trunk Mobile communicationsVoIPCollaborative services

Connectivity

Internet connectivitySite interconnection

Unified comms.

IaaSPaaS

Hybrid and multi Cloud

SAPTM Cloud

Cloud BackupFirewall as a serviceDisaster Recovery

Disaster recovery

Cyber-security

Building a forward-looking portfolio...

...unlocking significant value for Gigas and its clients

A B2B portfolio built for the digital era

Current New services

Global load balancingSecure remote access & VPN

SD-WANManaged servicesClean trafficSecure access service edge

Cross-selling opportunities

B2B opportunity

Cloud/security products

Telco products

B2B markets in Gigas’

geographies

Expanding portfolio of digital services

One-stop shop for cloud & communications services

Standardized yet flexible offering tailored to an underserved B2B mid market

B2B PORTFOLIO

Cloud PBXFixed Mobile Convergence

Fixed Voice

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Strategic positioning and size of Gigas vs. peers

Geographies Unif. Comms.Cloud Cybersecurity

ConnectivityFixed Mobile

~

Revenues(€M 2019/18, % 5yr-CAGR)

11

99

169

49

328

21

54

11

58

-3%2

16%

-5%

11%

20%

5%2

9%

4%2

28%3(4)

Source: Arthur D. Little analysisNotes: (1) 2020 figures; does not include ONI, ValoraData or MásMóvil revenues

(2) CAGR 2014-2018(3) CAGR 2014-2020, does not take into account ONI & MásMóvil’s business(4) Includes ONI, ValoraData and MásMóvil revenues

~

8

60 28%3(1)

Trusted by more than 10,000 business customers

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An experienced team with a successful track-record

MOISÉS ISRAEL, PRESIDENTE NO EJECUTIVO. Ha ocupado desde 1985 varios puestos directivos enbancos como Citibank, Santander Investment y Merrill Lynch, además de haber sido Consejero Delegado deYa.com, proveedor de acceso a Internet (ISP) adquirido por T-Online (Deutsche Telekom), en el periodo2000-2003. Igualmente, fue socio de la boutique de Banca de Inversión Atlas Capital entre 2004 y 2011. Enla actualidad es inversor en diversas empresas tecnológicas y consejero independiente de Banca March. EsIngeniero Industrial y de Gestión y MBA por Tel Aviv University.

DIEGO CABEZUDO, CEO. Anteriormente CEO de AGS, compañía de servicios IT gestionados dondeexpandió el negocio internacionalmente. Previamente fue COO de FON Wireless, la mayor red global deWiFi y Responsable de Estrategia para el operador móvil O2, liderando, entre otros, el despliegue ylanzamiento de la red 3G en Irlanda. Comenzó su trayectoria profesional en 1995 en el operador de cableTeleCable y trabajó también como Consultor de Estrategia para Telcos en DMR, Fujitsu Consulting yColeago Consulting. Es Ingeniero de Telecomunicaciones y MBA por la London Business School.

JOSÉ ANTONIO ARRIBAS, COO. Anteriormente trabajó fue CTO de la compañía de consultoría IT yservicios gestionados AGS, siendo también responsable de estrategia de producto y proyectos, para Españay Latinoamérica. Previamente desempeñó su labor como CTO en FON Wireless, donde creó y desarrolló losservicios técnicos de la compañía, ofrecidos en 14 países. Fue también Director Técnico de Ya.com(Deutsche Telekom Group) desarrollando servicios y soportando operaciones para cientos de miles deusuarios finales y empresas y responsable de sistemas de los servicios ISP de Retevisión.

JAVIER CAÑETE, CFO y DIRECTOR GENERAL. Hasta 2020 fue el Director Financiero en Grupo Zener.Previamente, y como Director de Control de Gestión del Grupo Euskaltel, desarrolló los planes de negociodel Grupo para su expansión a nivel nacional. Desde 1995 desempeñó funciones de Director de Finanzas,Administración y Recursos Humanos en TeleCable, operador de telecomunicaciones en Asturias. JavierInició su actividad profesional en 1990, trabajando como profesional de auditoría en la firma Blanco,González y Mier, SRC. Javier es Licenciado en Ciencias Económicas y Empresariales por la Universidad deOviedo.

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Shareholders and Board of Directors

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54.7%33.7%Private

Investors

Management Team*

GAEAmanaged by

Inveready

J. Poza

6.3%

5.3%

100% of Gigas 11.6 million shares are listed on the Alternative Stock Market (BME Growth) in the Madrid Stock Exchange

*There is also a stock option plan for the executive founders which represents approx.. 3.5% of the issued shares.

José Antonio Arribas (COO)

ArantzaEzpeleta

Alfonso Cabezudo

Miguel Venâncio

GAEA Inversión(Carlos Conti)

Inveready Capital Co. (Sara Sanz)

Board of Directors Secretary: Patricia Manca and Javier Mateos, PwC

Auditor: Ernst & Young

Q1 2021 Key Highlights

Q1’21 net revenues reached €9.3M, 251% up YoY and 73% higher than budgeted, due mainly to acquisitions and earlier consolidation of ONI

Adj. EBITDA for the quarter reached €2.1M, almost as much as the entire 2020, up 215% YoY and 74% higher than the €1.2M in the budget for Q1’21

Gross margin of €5.6M (60.1% of revenues) in the quarter, 197% higher than the €1.9M of same quarter last year, and 176% higher than budgeted

Four acquisitions in the last six months (Cloud and backup provider in Ireland and Spain, and Telcosin Spain and Portugal, shaping a group with circa €60M annual revenues and €12M EBITDA

Low leverage (NFD of 1.1x EBITDA budget for 2021) and good cash position (€7.7M+) leaving ample margin for further acquisitions

€

€

€

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• Net revenues grew to €9.32M in the quarter, 3.5x higher than the €2.66M of sameperiod last year, thanks to the consolidation of the customer portfolio from MasMoviland Ignitar, and also to ONI, which was partially consolidated

• Revenue figure was 73% higher than budgeted due mainly to early consolidation of ONI

• Telecommunications services represented 62.0% of total revenues, while cloud andcybersecurity represented 38.0%. ValoraData business unit acquired on the 31st ofMarch and therefore not consolidated in these figures

• Full consolidation of ONI and ValoraData in Q2 will push revenues higher

About GigasRevenues Q1 2021

Net Revenues

€9.32M€2.66M

73% HIGHERBudget €5.40M

251%

EUR

Mill

ons

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About GigasEBITDA Q1

• Adjusted (recurring) EBITDA reached €2.12M in the first quarter, 215% higher thanthe €0.67M in the same period a year ago and 74% higher than the €1.22M budgeteddue to recent acquisitions and earlier consolidation of ONI

• After M&A costs and multiyear remuneration plans (stock options, etc.), accountingEBITDA reached €1.84M, much higher than Q1’20 (€0.6M) and the budget

Quarterly Adj. EBITDAEU

R Th

ousa

nds

€0.67M €2.12M

215%

*Adjusted EBITDA represents recurring EBITDA excluding M&A related costs and multiyear remuneration plans (stock options, etc.)

74% HIGHERBudget €1.22M

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About GigasQ1 2021 Results Compared to Q1 2020 and Budget

Consolidated Income Statement Q1 2021Figures in EUR Q1 2021 % Chg. Q1 2020 % Chg. Q1 2021Net Revenues 9,323,108 251% 2,658,707 73% 5,398,224

Cloud, IT and Cybersecurity Services 3,523,012 34% 2,631,089 15% 3,057,823 Telecommunication Services 5,789,479 - - 148% 2,329,871 Non-recurring income, grants and other 10,618 -62% 27,618 1% 10,530 0 0 0

Cost of Sales (3,721,243) 380% (775,053) 68% (2,210,657)Product direct costs (3,301,024) 715% (405,199) 88% (1,759,503)Technical and operation costs (420,219) 14% (369,854) -7% (451,154)

Gross Margin 5,601,865 197% 1,883,654 176% 3,187,566 Gross Margin % 60.1% -15% 70.8% 1.8% 59.0%

Personnel Expenses (1,961,782) 114% (917,529) 55% (1,261,995)Salaries and Social Security (2,248,699) 119% (1,028,639) 58% (1,420,225)Own R&D costs capitalised 286,917 158% 111,111 81% 158,230

Other Corporate Costs (1,522,281) 418% (293,804) 115% (707,566)Customer operations, Marketing et al. (284,425) - - -26% (383,528)Network, Operations and IT (631,897) - - - - Other G&A Costs (605,959) 106% (293,804) 87% (324,038)Other Results - - - - -

Adjusted EBITDA 2,117,802 215% 672,321 74% 1,218,006Adjusted EBITDA % 22.7% -10% 25.3% 0.7% 22.6%

BUDGET

*

*Adjusted EBITDA represents recurring EBITDA excluding M&A related costs and multiyear remuneration plans (stock options, etc.) 15

2021 CONSOLIDATED BUDGETEUR Q1b Q2b Q3b Q4b 2021b % Chg. 2020realGross Sales 6,008,274 14,511,659 14,955,975 15,709,415 51,185,322 298.0% 12,862,085

Accrued sales (122,834) 113,818 54,134 (121,395) (76,277) 264.5% (20,928)Sales, discounts and promotions (497,746) (575,954) (581,357) (593,459) (2,248,515) 12.4% (2,001,077)Non-recurring income, grants and other 10,530 10,530 10,530 10,530 42,121 -35.8% 65,646

Net revenue 5,398,224 14,060,054 14,439,283 15,005,091 48,902,652 348.4% 10,905,727

Cost of sales (2,210,656) (5,918,162) (6,056,941) (6,260,849) (20,446,608) 493.7% (3,444,085)Direct product costs (1,759,503) (5,469,145) (5,597,722) (5,790,811) (18,617,181) 919.2% (1,826,656)Technical and operating expenses (451,154) (449,016) (459,219) (470,038) (1,829,427) 13.1% (1,617,429)

Gross Margin 3,187,568 8,141,892 8,382,342 8,744,242 28,456,044 284.7% 7,395,995 Gross Margin, % 59.0% 57.9% 58.1% 58.3% 58.2% -14.7% 68.2%

Personnel Costs (1,261,995) (2,479,296) (2,488,605) (2,502,098) (8,731,994) 137.0% (3,684,198)Salaries, wages and social security (1,420,225) (3,023,014) (3,031,336) (3,045,816) (10,520,391) 151.6% (4,182,010)Own work capitalised 158,230 543,718 542,731 543,718 1,788,397 259.3% 497,811

Other overhead costs (707,566) (2,780,707) (2,699,297) (2,816,328) (9,003,898) 735.5% (1,077,710)Adjusted EBITDA* 1,218,007 2,881,889 3,194,440 3,425,816 10,720,152 297.1% 2,699,733

Adjusted EBITDA % 22.6% 20.5% 22.1% 22.8% 21.9% -12.0% 24.9%

* Excludes M&A costs and multiyear remuneration plan ( stock options and others)

2021 Budget• New strategy to offer converged telco/cloud/cybersecurity services fueled by

acquisitions which have changed the scale of the Company

• Net revenues estimated to reach €48.9M, 4.5x 2020 revenues and EBITDA estimatedto reach to €10.7M, 5x 2020 accounting EBITDA. Gross Margins expected at c. 60%

• Proforma figures with ONI and ValoraData since 1st of January would reach almost€60M in net revenues and over €12M in EBITDA

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CAPEX Evolution 2017-2021

• CAPEX to Sales ratio (excl. M&A and R&D) will increase significantly this year, from the6.0% in 2020, due to the telco profile of the company and one-off integration and newproduct investments. Budget for the year is €10.30M (€0.65M in 2020) and €1.01invested in Q1, representing 10.8% of revenues

• Large M&A Capex (€51.38M) invested in Q1 linked to MásMóvil portfolio, ONI andValoraData acquisitions. €23.9M paid in cash during the period, 24.5M paid in Gigas’shares and €2.5M deferred 12 months)

• R&D personnel works capitalized not included as CAPEX

18.9% 11.9% 6.0%6.5%

Figures in Thousands of

Euros

Capex to Sales(excl. M&A)

10.8% 17

MAR 2021 DEC 2020 Diff %

R&D and Banks Debt LT 13,464,930 4,681,514 187.6%

M&A Related Debt LT 3,842,500 3,267,500 17.6%

R&D and Banks Debt ST 1,402,931 1,591,604 -11.9%

M&A Related Debt ST 507,171 22,712,727 -97.8%

GROSS FINANCIAL DEBT 19,217,532 32,253,345 -40.4%

Cash at hand 7,669,940 22,957,175 -66.6%

Net Financial Debt 11,547,592 9,296,169 24.2%

Adj. EBITDA 10,720,152 10,720,152 0.0%

NFD/EBITDA 1.08 0.87 24.2%

Debt Evolution as of 31st MAR 2021

• €51.4M invested in three acquisitions in Q1’21• ONI: €39.5M (€15.0M cash paid)• MM Customer Portfolio: €9M (€7.2M paid, rest in 12m)• ValoraData Bus. Unit: €2.38M (€1.7M paid, rest in 12m)

• New debt raised for ValoraData acquisitionand CAPEX investments

• NFD/EBITDA over budgeted adj. EBITDA,although proforma EBITDA is higher

Financial Debt Maturities

Net Financial Debt

• * NFD/EBITDA calculated over budgeted adjusted EBITDA for 2021• Convertible bonds not included as financial debt• Current Investments not included in Cash at hand (€144K)

Figures in Euros

*

Figures in Thousands

of Euros

Figures in Thousands

of Euros

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Share Evolution

• Share price rallied at the end of last year, as the market welcomed corporate transactions and new strategy, ending at €11.50, a 68.6% increase during the year

• Large amount of new shares issued, with a total of 11.64 million shares, including recently issued shares (3.9M) to pay for ONI

• At current price, market cap will be €114M and EV €124M, representing just over 10x EBITDA proforma

• Analysts very positive about the Company. GVC Gaesco targeting a €11.6 price

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Comparables

Country

AnnualRevenues2020

EBITDA 2020(margin %)

Enterprise Value (EV)

Italy

€52.5M

€18.3M(35%)

€95M(5.2x)

9.6

UK

£112.6M

£43.5M(39%)

£58M(1.3x)

3.1

UK

£393.8M

£79.0M(20%)

-£48M(-0.6x)

4.5

UK

£87.5M

£20.6M(24%)

£35M(1.7x)

2.9

Net debt 2020(NFD/EBITDA)

27.5 8.022.3 12.4

€503M £347M£1,763M £256M

EV/ Revenues

EV/ EBITDA

*

SOURCE: Renta4, Gigas, ADL

* Figures for iomart and Redcentric are for fiscal year ending March 2020Rest of financial figures are for calendar year 2020. EV as of 19/MAY/2021

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*

Q&A

Moisés Israel, ChairmanDiego Cabezudo, CEO

SPRING EUROPEAN MIDCAP EVENT 2021Investors Presentation

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